What Is Limited Liability Partnership (LLP) – Meaning, Features & Benefits
In the modern business world, entrepreneurs often seek flexible and efficient business structures that provide both liability protection and operational flexibility. One such structure is the Limited Liability Partnership (LLP). While LLPs have gained popularity globally, it’s essential to understand their specifics within the context of the Indian legal framework. So, what exactly is a Limited Liability Partnership under Companies Act? This article will dive deep into the concept, features, legal implications, and advantages of LLPs as outlined under the Indian Companies Act. What Is Limited Liability Partnership? A Limited Liability Partnership (LLP) is a hybrid business structure that combines the benefits of a partnership with the protection of limited liability typically associated with a company. It is an emerging form of business entity that allows businesses to operate without the risk of personal liability for the partners involved. Under this structure, the liability of...
